L&H insurance technical advisory committee (TAC) on insurer oversight of managing general agencies (MGAs)

Meeting summary

Date: December 16, 2020
Time: 9:00 a.m. – 10:00 a.m.
Location: Videoconference

This summary sets out the key points discussed at the December 16, 2020 meeting.

TAC terms of reference & mandate

Committee members discussed its mandate and expectations of members.

Insurer-MGA relationship

The committee discussed the predominant distribution channels in life and health insurance, key trends, and the current regulatory structure in Ontario which does not provide for specific insurer expectations in relation to oversight of MGAs.

FSRA’s work to understand the MGA channel supports FTC principles and FSRA’s strategic priority to consider new oversight guidance to strengthen the entire distribution chain.

FSRA staff discussed its Insurer-MGA Relationship Review. As part of the review, FSRA is gathering information through a detailed questionnaire program. FSRA expects that the study and observations will have application across all channels.

TAC timelines

The committee discussed key consultation points for providing insights on review observations, key themes and supervisory options.

FSRA will reconvene the TAC early in the new year.  

Attendance record

Invited/Attended

Company Name

Attendance Status
(A)ttended; (R)egrets; (S)ubstitute

Earleen Moulton

BFG Financial/CAILBA

A

Mari-Jayne Woodyatt

BFG Financial

A

David Sutton

The Edge Benefits

A

Mary Ingarao

SunLife

A

Kim Hayes

Manulife

A

David Stewart

Financial Horizons Group

A

Brent Mizzen

CLHIA

A

Todd Hynes

Ivari

A

Sean Sorensen

Walker Sorensen LLP

A

Paul Holba

Empire Life

A

Andrew Fitzpatrick

Canada Life

A

Leanne Winter

Equitable Life

A

Sheldon Stier

Stier Financial Advisors

A

Terri Botosan

Hub Financial Inc.

A

Huston Loke

FSRA

A

Erica Hiemstra

FSRA and TAC Chair

A

Swati Agrawal

FSRA

A

Rosemary Steffler

FSRA

A

Kevin Lim

FSRA

A

Thera Medcof

FSRA

A

Joel Gorlick

FSRA

A

Chris Caldarelli

FSRA

A

Laura McLellan

FSRA

A

Beth Elder

MoF

A

Jessica Harper

MoF

A